News Briefs

Consumer sentiment in July reached its highest level in nearly two years even as inflation expectations inched up.

The University of Michigan’s index of consumer sentiment  rose for the second straight month, increasing 13% over June to a preliminary July reading of 72.6.  It was the highest level since September 2021.

All components of the index improved significantly in July. Consumers’ view of current economic conditions rose to 77.5, up from 69.0 in June.  The expectations index rose to 69.4, up from 61.5 in June. 

“Overall, sentiment climbed for all demographic groups except for lower-income consumers,” said Joanne Hsu, surveys of consumers director, University of Michigan. “The sharp rise in sentiment was largely attributable to the continued slowdown in inflation along with stability in labor markets.”

Year-ahead inflation expectations were little changed, inching up from 3.3% in June to 3.4% in July and down from the high point of 5.4% from April 2022. 

 Long-run inflation expectations were also virtually unchanged from June at 3.1%, again staying within the narrow 2.9-3.1% range for 23 of the last 24 months.

 

A century-old brand has made its U.S. brick-and-mortar debut.

Etam has set up shop at Simon’s Dadeland Mall in Miami. The 3,100-sq-ft. store has a modern look, with nude tones, blonde woods, waxed concrete walls with electric neon touches and brushed brass furnishings. The design strikes a balance between the feminine and urban universes. 

Product benefit and brand messages are inlaid on every wall, along with and customer reviews to guide customers in their selection choice and better understand the brand.    

“Etam is a global brand that we believe has a strong brick-and-mortar future in the U.S. said Zach Beloff, VP of leasing at Simon, in an April release. “We hope to see them expand throughout our portfolio."

Founded in 1916, the storied — and affordable — French is known for its stretch lace, mix-and-match lingerie sets. It also offers swimwear, sleepwear and loungewear. With more than 850 stores throughout Europe, Middle East, Latin America and Asia, the company is aiming to open two more U.S. stores by the end of the year, reported Women’s Wear Daily.

Etam first entered the U.S. market in 2022, starting with an online presence and making its products available in select Nordstrom locations and on the retailer’s web site.  

In 2020, Etam unveiled its sustainability program WeCare and announced its participation in The Fashion Pact, a global environmental coalition of leading fashion and textile brands. 

Etam opened its first Paris boutique in 1928 on Rue-Saint Honoré.

 

 

The Canadian value retailer, whose merchandise is priced at $5 or less,  said that J.P. Towner, CFO, will step down from his position in the coming months to pursue another career opportunity. He will remain in his role to ensure a smooth transition, including through the announcement and filing of Dollarama’s second quarter results for its current fiscal year. 

The company has begun a formal search process for a new CFO.

"On behalf of the board of directors and the executive team, I would like to thank J.P. for his contribution to Dollarama," said Neil Rossy, president and CEO of Dollarama. "It was a pleasure working with J.P. and we wish him the very best in his next chapter."

Dollarama operates 1,507 locations across Canada, with stores  offering a broad assortment of consumable products, general merchandise and seasonal at fixed price points up to $5.00.

 The company also owns a 50.1% interest in Dollarcity, a growing Latin American value retailer. Dollarcity, which offers  consumable products, general merchandise and seasonal items at  fixed price points up to US$4.00 (or the equivalent in local currency) operaates 448 located stores in El Salvador, Guatemala, Colombia and Peru.

 

Starbucks Workers United is taking its cause on the road.

The union is launching a four-week, 13-city bus tour to raise public awareness and educate consumers about its demands. The union represents store employees and shift supervisors at about 320 of Starbucks' roughly 9,000 corporate-owned U.S. locations. 

“Union partners from all over the country are going on a nationwide bus tour to let Starbucks know it's time for a contract,!” the union said in a tweet.

The bus tour will make stops in 13 cities, starting with in Minneapolis-St Paul, Minn. Other cities on the tour include Atlanta, Los Angeles, San Francisco, Buffalo, Seattle and more. The protesting employees will give out flyers with QR codes on them that link to a sign-up page where consumers can pledge “to support Starbucks workers in their fight for a union and a fair contract” and receive alerts about rallies, pickets and other events in their area.

The workers will be traveling in two buses sporting "The Union is Calling" wraps, reported tastingtable.com

"Each stop will include organizing events, worker-led actions, press events, and various activities to call on members of Starbucks' Board of Directors to uphold Starbucks values and respect workers' rights,” according to a release cited in the report.

Bed Bath & Beyond has ended its efforts to find a buyer for its entire BuyBuy Baby chain — a move that would have potentially kept at least some of its stores open.

Instead, the bankrupt retailer will seek bankruptcy court approval for a more limited sale of the brand’s intellectual property assets to Dream on Me, a New Jersey-based company that makes and sells baby goods. On June 29, Bed Bath & Beyond selected Dream on Me as the lead bidder for BuyBuy Baby’s IP, but it continued to seek out buyers who would buy the entire business as a going concern and keep its stores running, with an auction scheduled for July 7. 

But no higher bidder emerged and the chain canceled the auction. (Dream on Me’s $15.5 billion bid is for BuyBuy’s trademark and IP only.) 

On June 28, a U.S. bankruptcy court judge approved Overstock.com's$21.5 million bid some assets of Bed Bath & Beyond, including its name, intellectual property and online assets.

  

LL Flooring Holdings (formerly Lumber Liquidators) has made three new leadership team appointments, all effective July 10.

The specialty retailer of hard-surface flooring has named Robert L. Madore as executive VP, CFO, replacing interim CFO Terry Blanchard. Madore most recently served as interim CFO of F45 Training Holdings, a global fitness franchisor.

Prior to joining F45, Madore served as CFO of The Cronos Group, a global cannabinoid company. Before that, he served as CFO of American Eagle Outfitters and CFO of Ralph Lauren. 

In other appointments, Laura Massaro has been named as senior VP, chief marketing officer. Most recently, she served as director of integrated marketing at Delta Air Lines, where she led and supported teams across media, social, CRM, MarTech, operations and analytics. 

Prior to joining Delta Air Lines, Massaro served as VP and deputy head of planning for Publicis Groupe’s Arc Worldwide in London.

Also, Andrew W. Wadhams has been named as senior VP, retail and commercial sales.  He most recently served as principal of The Wadhams Group, a company he founded to help brands define their offering, align and streamline practices and deepen connections to customers. Prior to this, he spent half a decade at California Closets, where he served as COO.

LL Flooring operates more than 440 stores nationwide.  Stores offer more than 500 varieties of hard-surface floors featuring a range of quality styles and on-trend designs, with a wide range of flooring tools and accessories.